Finsbury Growth & Income Trust PLC on Thursday reported a lower net asset value and a negative net return, but opted to increase its total dividend.
The investor in UK-listed companies, which is managed by Lindsell Train Ltd, posted a NAV at September 30 of 848.4 pence per share, down 8.2% from 917.7p a year ago.
NAV total return for the year to September 30 turned to negative 5.8%, underperforming against its FTSE All-Share Index benchmark, which returned negative 4.0%. A year ago, Finsbury’s NAV total return was 11%, which underperformed against its benchmark’s 28% return.
‘The continuing uncertainty in the global economy, the ongoing war in Ukraine and Covid-19 related lockdowns, have created significant supply chain disruption exacerbating inflationary pressures worldwide. These were factored into the key assumptions made by assessing their impact on the company’s key risks and whether the key risks had increased in their potential to affect the normal, favourable and stressed market conditions. As part of this review the board considered the impact of a significant and prolonged decline in the company’s performance and prospects,’ the company said.
Finsbury declared a total dividend of 18.1 pence per share, up 5.8% from 17.1p a year prior.
Posting a brief outlook, the firm said that it expects to continue to deliver ‘strong’ investment returns to shareholders in the future.
Finsbury Growth shares were 0.2% higher at 855.00 pence each in London on Thursday morning.
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